New Shared Ownership Leases: What’s Changed?

If you're thinking about Shared Ownership, you might have heard that the rules changed recently. But what do those changes actually mean for buyers?

In this blog, we’ll break down the key changes to Shared Ownership leases in simple, plain English — so you know what to expect before you buy.

Quick Recap: What Is Shared Ownership?

Shared Ownership lets you buy part of a property and rent the rest. It's mainly aimed at first-time buyers or people who can’t afford to buy outright.

You typically:

• Buy a share (from 10% to 75%)

• Pay rent on the rest to a housing association

• Increase your share over time through "staircasing"

Now, let’s look at what’s new…

When Did the Changes Happen?

These changes apply to homes built under the Affordable Homes Programme 2021–2026 — mainly new builds delivered from April 2021 onwards.

Older Shared Ownership homes are usually still under the previous lease terms.

What's Changed in the New Shared Ownership Model?

Here are the main changes, explained in plain terms:

1.  Buy a Smaller Initial Share (Now from 10%)

Old rule: You had to buy at least 25% of the home.
New rule: You can now start with just 10%.

This makes Shared Ownership more affordable upfront, especially for buyers with smaller deposits or incomes.

2.  Cheaper Staircasing — Buy More in 1% Chunks

Old rule: You could only buy more in big jumps (usually 10%+), which meant bigger fees and larger mortgage steps.

New rule: You can now buy as little as 1% at a time, for the first 15 years.

This makes it easier to gradually increase your ownership, even if you can only afford small steps.

And the best part? These 1% shares:

• Come with no valuation fee

• Have a set price, based on an annual formula (not market value)

3.  Landlord Must Pay for Repairs (for 10 Years)

Old rule: You paid for all repairs and maintenance, even though you only owned part of the property.
New rule: The landlord must contribute up to £500 per year for repairs during the first 10 years of the lease.

This is called the 10-year repair-free period, and it helps make Shared Ownership fairer and more affordable.

If your repair costs go over £500 in one year, you cover the rest — but if you don’t use all £500, it can roll over for one year.

4.  Easier Lease Terms

The new leases have been simplified and made more consumer-friendly:

• Shorter, clearer language

• Easier to understand your rights

• More transparency on costs and responsibilities

The goal is to reduce confusion and help buyers feel more confident in what they’re signing up for.

5.  Easier to Sell Your Share

Old rule: If you wanted to sell, the housing association had 8 weeks to find a buyer.
New rule: That window is reduced to 4 weeks — after that, you can market the property yourself.

This makes it quicker and easier to sell, especially if the housing association can't find a buyer right away.

A Few Things That Haven’t Changed

• You’re still buying a leasehold property (not freehold).

• You’ll still need to pay rent on the part you don’t own.

• You may still pay service charges (especially for flats).

• Shared Ownership is still mainly run through housing associations.

What Does It All Mean for You?

These changes make Shared Ownership:

• More flexible

• More affordable

• Fairer for buyers

It’s especially helpful for young people, key workers, and those with lower incomes who want a realistic path to homeownership — without needing a huge deposit.

Before You Buy...

Always:

• Get legal advice from a solicitor familiar with Shared Ownership.

• Read your lease carefully — especially the repair and staircasing rules.

• Budget for mortgage, rent, service charges, and any shared costs.

Final Thoughts

Shared Ownership isn’t perfect, but the new lease model is a big step forward. It gives more people a chance to buy a home — on fairer, clearer terms.

If you're thinking about buying a Shared Ownership property under the new scheme, these changes could make all the difference.

If you’re buying or selling property and would like a no obligation conveyancing quote please call 01253 629300.

Comprehensive Legal Support for Landlords – How Blackhurst Budd Solicitors Can Help

Being a landlord today involves much more than simply letting a property. From navigating complex conveyancing transactions and managing tenant issues to planning your long-term wealth, landlords face a range of legal challenges. At Blackhurst Budd Solicitors, we provide expert advice and practical support tailored to landlords’ needs, helping you protect your investment and plan for the future.

Conveyancing: Securing Your Property Investment

Whether you’re buying your first rental property or expanding your portfolio, conveyancing is a crucial step. Our conveyancing team ensures the legal transfer of property is smooth and secure. With fluctuating property prices and changes to stamp duty rules still impacting the market in 2025, it’s more important than ever to have knowledgeable solicitors handling your purchase or sale.

We assist with:

• Drafting and reviewing contracts

• Carrying out title searches and checks

• Advising on leasehold and freehold transactions

• Ensuring compliance with legal requirements

• Our goal is to minimise risk and prevent costly issues down the line, giving you peace of mind.

• Wealth Planning: Protecting Your Rental Income and Assets

Owning rental properties isn’t just about monthly income—it’s a key part of many landlords’ wider wealth and retirement plans. With increasing tax changes and new regulations affecting property investors, careful planning is essential.

Our team can help you:

• Structure ownership to optimise tax efficiency

• Set up trusts to protect assets for future generations

• Draft or update wills reflecting your property portfolio

• Plan for potential inheritance tax liabilities

By integrating your property assets into a comprehensive wealth plan, you can safeguard your financial future and minimise unexpected costs.

Eviction and Dispute Resolution: Protecting Your Rights as a Landlord

Unfortunately, landlord-tenant disputes remain a reality, especially with recent changes to eviction laws and tenant protections. The Housing Act 1988 and subsequent amendments have made eviction more complex, requiring landlords to follow strict legal procedures.

If you face issues such as rent arrears or breaches of tenancy agreements, we can guide you through:

• Serving correct notices (Section 8 or Section 21)

• Applying for possession orders

• Representing you in court proceedings if necessary

• Negotiating settlements and alternative dispute resolutions

• Acting quickly and correctly is vital to protect your rental income and property rights.

Bringing It All Together: A Holistic Approach to Landlord Legal Support

At Blackhurst Budd Solicitors, we understand that being a landlord involves juggling many responsibilities. Our aim is to provide a seamless service that covers all your legal needs—from acquiring and managing property, to planning for the future, and resolving disputes if they arise.

With the property market’s ongoing evolution and changes in legislation, staying informed and legally prepared is more important than ever. Whether you’re a new landlord or experienced investor, our dedicated team is here to help you navigate these challenges confidently.

If you’re a landlord looking for tailored legal advice or support, Blackhurst Budd Solicitors can provide clear, practical guidance every step of the way. Call 01253 629300 for advice.

Tara Crosses the Finish Line for a Great Cause

We’re thrilled to share that Tara Collins from Blackhurst Budd Solicitors has successfully completed the Race for Life in support of Cancer Research UK!

Back in March, we proudly announced that Tara would be taking part in this inspiring event, and on the day, she did not disappoint. With a determined spirit and the support of friends, family, and colleagues, Tara crossed the finish line with a huge smile and an even bigger sense of accomplishment.

Reflecting on the experience, Tara said:

"It was such a fantastic day – emotional at times but incredibly uplifting. There was a real sense of community and support, and I’m so grateful to everyone who sponsored me and cheered me on. Every step was for those we've lost, those still fighting, and those who’ve survived."

The Race for Life is a vital fundraising event for Cancer Research UK, helping to fund life-saving research and bring us closer to a future where cancer is no longer a life-threatening disease. Tara’s efforts have contributed to that mission in a meaningful way, and we couldn’t be prouder.

Thank you to everyone who supported Tara’s journey. If you’d still like to donate, her fundraising page remains open https://fundraise.cancerresearchuk.org/page/taras-race-for-life-6435

Briony Raises Nearly £1,500 for Trinity Hospice with Daring Skydive

On Sunday 18th May 2025, Briony Haley, Director at Blackhurst Budd Solicitors, took part in a tandem skydive from 15,000 feet – all in aid of Trinity Hospice. Briony’s fearless leap has so far raised nearly £1,500 for the charity, which provides vital end-of-life care to people across the Fylde Coast.

The skydive, which took place in Lancaster, saw Briony freefalling at speeds of up to 120mph before safely parachuting to the ground – cheered on by friends, family, and colleagues.

This Trinity is celebrating 40 years of continued service at their site in Bispham and throughout the year they will be hosting fundraising events to celebrate, the first being 40 Jumps for Hospice Care.

Speaking after the jump, Briony said:

“The experience was absolutely exhilarating – terrifying at first, but incredibly rewarding. I feel so lucky to have had the chance to do something so memorable while supporting a cause that means so much to me and so many others in our community.

I’m overwhelmed by the generosity of everyone who donated. Every pound raised will help Trinity Hospice continue its invaluable work, offering comfort, dignity, and care to those who need it most.”

Briony’s skydive was part of a series of fundraising events organised by Trinity Hospice, which relies heavily on donations and community support to continue delivering its specialist services to adults and children with life-limiting illnesses. The hospice, based in Bispham, is a much-loved local charity that provides round-the-clock care both at the hospice and in people’s homes.

Blackhurst Budd has a longstanding connection with Trinity Hospice, regularly supporting fundraising efforts and recognising the charity’s important role in the local community.

Donations are still welcome via Briony’s JustGiving page
https://www.justgiving.com/page/briony-haley-skydive

Blackhurst Budd's Tara Collins to Participate in Race for Life

Blackhurst Budd is proud to announce that Tara Collins, a Chartered Legal Executive in our Residential Property Department, will be participating in the Race for Life 5k event on Saturday, 7th June 2025, in Preston. This initiative aims to raise vital funds for Cancer Research UK, supporting their ongoing efforts to combat cancer.

Beyond her professional commitments, Tara is passionate about supporting charitable causes. Reflecting on her motivation to join the Race for Life, she shared: "Cancer affects so many lives, and I believe in the power of community and research to make a difference. Participating in this event is my way of contributing to the fight against this disease."

The Race for Life is a series of fundraising events organised by Cancer Research UK, offering participants the opportunity to walk, jog, or run to raise funds for life-saving research.

To support Tara's fundraising efforts, donations can be made through her dedicated page https://fundraise.cancerresearchuk.org/page/taras-race-for-life-6435

Blackhurst Budd encourages colleagues, clients, and the wider community to support Tara in her fundraising journey. Every contribution, regardless of size, brings us one step closer to a future without cancer.

For more information about the Race for Life and how to participate or support, please visit Cancer Research UK's official Race for Life page.

raceforlife.cancerresearchuk.org

Blackhurst Budd Director Briony Haley to Take the Plunge for Trinity Hospice

Briony Haley, Director at Blackhurst Budd Solicitors, is set to take part in a thrilling charity skydive in support of Trinity Hospice. As dedicated supporters of the Hospice, Blackhurst Budd is proud to champion Briony’s fundraising efforts for this vital local charity.

On 18th May, Briony will be taking to the skies before making a daring tandem jump from 15,000 feet to raise essential funds for Trinity Hospice. The Hospice provides invaluable care and support to patients and their families across the Fylde Coast, ensuring that those facing life-limiting illnesses receive the dignity and compassion they deserve.

Briony is calling on colleagues, clients, friends, and the wider community to show their support by donating to her JustGiving page: https://www.justgiving.com/page/briony-haley-skydive. Every contribution will help Trinity Hospice continue its incredible work.

Speaking about the challenge, Briony said:

“I’m both excited and nervous to be taking part in this skydive, but knowing that every penny raised will go towards the incredible work of Trinity Hospice makes it all worthwhile.

The support they provide to so many families is truly invaluable, and I’m honoured to play a small part in helping them continue their mission. I would be so grateful for any donations, no matter how big or small – it all makes a difference!”

Blackhurst Budd Solicitors has long been a supporter of Trinity Hospice, recognising the important role it plays in the local community. The firm encourages everyone to get behind Briony and donate to this fantastic cause.

To find out more about the Trinity Hospice skydive and how you can get involved, visit: https://www.trinityhospice.co.uk/our-events/detail/skydive/.

Rise in Evictions Ahead of Legislative Changes

Recent data from the Ministry of Justice indicates a significant increase in Section 21 evictions, with 32,287 accelerated possession claims filed in 2024, a 7% rise from 30,230 in 2023. Additionally, bailiff-led evictions under Section 21 reached 2,947 between October and December 2024, marking a 10% increase from the same period in 2023.

The impending Renters' Rights Bill, currently under parliamentary review, aims to abolish Section 21 evictions. This legislative shift has prompted many landlords to reassess their positions, with a notable number choosing to exit the rental market. Factors influencing this decision include rising mortgage rates, increased tenant arrears, and recent tax reforms. A survey revealed that 32% of landlords are considering selling their properties in 2024.

Megan Langley, Solicitor at Blackhurst Budd, commented on the trend, stating, "The increase in Section 21 claims is largely due to landlords seeking to regain possession of their properties before legislative changes take effect. With the uncertainty surrounding the Renters' Rights Bill, many landlords feel compelled to act pre-emptively to secure their financial interests."

Furthermore, Langley highlighted the legal complexities involved, adding, "The legal process for landlords regaining possession can be challenging, particularly given the current backlog in court proceedings. Landlords considering eviction should ensure they fully comply with all legal requirements, including providing proper notice and adhering to deposit protection rules, to avoid potential disputes or delays."

The culmination of these factors has led to a surge in Section 21 claims, as landlords move to regain possession before potential legislative changes take effect. The court system is experiencing increased pressure, leading to extended waiting periods for eviction proceedings. This situation underscores the need for timely legislative action to provide clarity and stability for both landlords and tenants.

In the interim, the rental market is witnessing a shift, with institutional investors increasing their presence. The build-to-rent sector is expanding, aiming to offer quality rental options with enhanced security of tenure. However, concerns remain regarding the affordability of these units for the average tenant.

As the Renters' Rights Bill progresses through Parliament, its outcomes will be pivotal in shaping the future dynamics of the UK's rental market. Stakeholders across the sector are closely monitoring developments, anticipating reforms that balance the interests of landlords and tenants alike.

For advice on eviction matters please contact Megan on 01253 629300.

Blackhurst Budd Solicitors Proudly Sponsors 'Guys and Dolls' at The Grand Theatre

Blackhurst Budd Solicitors is delighted to announce its sponsorship of the Blackpool Operatic Players' upcoming production of the classic musical 'Guys and Dolls'. The show will run from Wednesday, 16th April to Saturday, 19th April at The Grand Theatre in Blackpool.

'Guys and Dolls' is celebrated as the "perfect musical comedy," having captivated audiences since its 1950 debut. The story transports audiences to the bustling streets of Damon Runyon’s mythical New York, where gamblers, showgirls, and missionaries collide in a high-stakes adventure. With timeless hits like “Luck Be a Lady” and “Sit Down, You’re Rockin’ the Boat,” the production promises an unforgettable experience.

Warren Spencer, Managing Director at Blackhurst Budd Solicitors, expressed his enthusiasm for supporting the local arts community:

"We are thrilled to sponsor the Blackpool Operatic Players' rendition of 'Guys and Dolls'. The Grand Theatre holds a special place in our community, and supporting local talent is something we are passionate about. We look forward to what promises to be a spectacular performance."

Tickets for 'Guys and Dolls' are available starting from £20 and can be purchased through The Grand Theatre's website. The show is recommended for ages 12 and above.

For more information about the production and to book tickets, please visit The Grand Theatre's official website.

Understanding the Key Points in the UK Renters' Rights Bill

The UK housing market has been under immense pressure in recent years, and the Renters' Rights Bill aims to address these challenges by introducing transformative reforms to the private rental sector (PRS). This legislation seeks to protect tenants, enhance landlord accountability, and create a fairer system for all. Here's an in-depth look at the main points outlined in the Renters' Rights Bill:

1. Abolition of Section 21 Evictions

Perhaps the most significant change in the Renters' Rights Bill is the abolition of Section 21 "no-fault" evictions. Section 21 currently allows landlords to evict tenants without needing to provide any reason, once their fixed-term contract ends. This has been widely criticized for leaving tenants vulnerable, creating a climate of instability and fear in the PRS.

The abolition of Section 21 means that tenants will have greater security in their homes. They will no longer face the threat of eviction at the end of a contract without justification, leading to fewer cases of people being displaced with little notice. This reform is designed to promote longer tenancies and provide renters with more stability in their housing situations.

2. More Stringent Grounds for Possession

While landlords will no longer have the ability to evict tenants without reason, the Renters' Rights Bill introduces more robust and legitimate grounds for possession. These grounds include instances where landlords need to move back into the property themselves or wish to sell it. Landlords will still retain the right to evict tenants in cases of rent arrears, property damage, or breaches of tenancy agreements. However, the process for regaining possession will be more transparent and subject to legal scrutiny.

This ensures that landlords can protect their investments while also preventing unfair evictions.

3. Introduction of a Mandatory Landlord Ombudsman

Disputes between tenants and landlords are common, and often these disagreements escalate to formal legal proceedings. To streamline conflict resolution, the Renters' Rights Bill will introduce a mandatory landlord ombudsman. This will provide a mediation service that can handle complaints fairly and efficiently.

The introduction of this ombudsman offers tenants a simpler way to resolve issues, such as disputes over maintenance or unfair treatment, without needing to go to court. Landlords will also benefit by having access to an impartial body that can help resolve conflicts. This change aims to reduce tensions in the PRS by ensuring disputes are managed more swiftly and fairly.

4. Banning of Rental Bidding Wars

In highly competitive rental markets, some landlords encourage or allow bidding wars between prospective tenants. This practice often results in skyrocketing rents, pushing prices beyond what many renters can afford. The Renters' Rights Bill seeks to put an end to this practice by making it illegal for landlords to raise rents through bidding wars.

The ban on rental bidding will help maintain fairness in the market and prevent rent inflation driven by competition between tenants. This move will be especially beneficial for tenants in high-demand areas where affordable housing is scarce.

5. Protections for Rent Increases

The Renters' Rights Bill introduces further regulations on rent increases. Landlords will be required to provide tenants with ample notice before raising the rent, and tenants will have the right to challenge increases they believe are unjustified. By placing limits on how often and by how much rents can be raised, the bill aims to keep rental costs manageable and predictable for tenants.

This is an essential step in tackling the broader housing affordability crisis and will provide renters with much-needed financial stability.

6. Right to Keep Pets

Another noteworthy feature of the Renters' Rights Bill is the introduction of a tenant's right to keep pets in their rental homes. Under current laws, landlords can often refuse requests for pets outright, leaving many renters unable to own animals. The new bill stipulates that landlords cannot unreasonably withhold permission for tenants to keep pets, although tenants may be required to obtain insurance to cover any potential damage.

This is a popular change, as many renters have long advocated for the right to have pets without risking their tenancy. It reflects broader shifts in societal attitudes toward the inclusion of pets as part of the family.

7. Creation of a Digital Landlord Register

To increase transparency and accountability within the PRS, the bill introduces a national digital landlord register. This database will contain information about landlords, enabling local authorities to ensure that property owners comply with legal obligations, such as maintaining safety standards and providing essential repairs.

The digital landlord register is intended to improve the overall quality of rental housing and to give tenants better information when selecting properties to rent.

8. Strengthened Local Authority Enforcement Powers

Finally, the Renters' Rights Bill proposes to grant local authorities stronger enforcement powers to ensure that landlords adhere to the new regulations. With these enhanced powers, councils will be able to impose stricter penalties on landlords who fail to comply with legal requirements, such as maintaining safe and habitable living conditions. This will help protect tenants from substandard living environments.

Equity Release FAQs

1.    What is equity release?

Equity release allows homeowners aged 55 and over to access the equity tied up in their property while still living in it.

2.   How does equity release work?

There are two main types: lifetime mortgages and home reversion plans. We deal with lifetime mortgages where you borrow against the value of your home, and the loan plus interest is repaid when you die or move into long-term care.

3.  What are the eligibility criteria for equity release?

Typically, you must be at least 55 years old, own a property in the UK worth a certain minimum value, and have little or no mortgage left on it.

4.   What are the risks of equity release?

Equity release may reduce the value of your estate and affect your entitlement to means-tested benefits. It's essential to consider the long-term implications and seek independent financial advice.

5.    Is equity release regulated?

Yes, equity release is regulated by the Financial Conduct Authority (FCA). Providers must adhere to strict guidelines to ensure consumer protection.

6.    Can I still move home if I have equity release?

With a lifetime mortgage, you can usually move home, but you must meet certain criteria, and the new property must be acceptable to the equity release provider

7.    How much can I borrow with equity release?

The amount you can borrow depends on factors such as your age, property value, and the type of equity release scheme. Providers typically offer a maximum loan-to-value (LTV) ratio.

8.    Are there alternatives to equity release?

Yes, alternatives include downsizing, using savings or investments, or seeking assistance from family members.

9.    How do I repay the equity release loan?

For lifetime mortgages, the loan plus interest is usually repaid from the sale of the property when you die or move into long-term care.

10.  How can I find a reputable equity release provider?

It's crucial to seek advice from a qualified independent financial adviser (IFA) who specializes in equity release. They can help you understand your options and find a reputable provider. Remember, these FAQs provide general information, and it's essential to seek personalised advice before making any decisions about equity release.

If you require legal advice in relation to equity release please call 01253 629300.